Yesterday the Board of Governors of the European Central Bank appointed the five members who will make up the Administrative Board of Review, the new supervisory body on the banking supervision activities of the ECB. Among the personalities chosen there is also an Italian: Concetta Brescia Morra, 51 years old, graduated with honors in law from the Luiss University of Rome and is now a professor at the University of Sannio in Economic Law. The new "Draghi judge" worked for 15 years in the Bank of Italy in the area of credit and financial supervision with the role of official.
The other four appointed by the Board come from as many important European banks: Jean-Paul Redouin, president of the French Banking Commission, as well as former first deputy governor of the Banque de Frane; Edgar Meister, lawyer and former committee member in the Bundesbank; Andé Camileri, former director general of the Authority which supervises Maltese financial services; F.Javier Aristegui Yànez, former deputy governor of the Banco de Espana.
The powers of the new Council of Five will not be binding on the European Central Bank, which will be required to listen to the opinions of the Administrative Board of Review and, if necessary, to correct some decisions, without however being obliged to suspend them. This will happen if one of the 120 European banking institutions appeals - by not accepting a decision of the Eurotower - to the Council or to the European Court of Justice.
